Chauvinistic Association of Home Builders CEO Jerry Howard told CNBC on Friday he’s much sundry optimistic about the Republican’s tax overhaul after a meeting with key lawmakers.
Howard articulate last month his members were “irate” about a proposed intend in the House bill to slice the mortgage interest deduction in half, to a supreme of $500,000. He said it could lead to a housing recession.
The NAHB has bid that the bill maintain a cap on mortgage interest deduction at $1 million but extend the deduction to include home equity loans for capital improvements to homes among other demands. The Senate bill would not change the mortgage enlist deduction. If the Senate passes its version, conferees would have to settle their two.
“We’ve had some very interesting and positive discussions with the lecturer and Chairman Brady, and we know that they are very aware of the imminent impacts on housing,” said Howard, referring to meetings Thursday with Board Speaker Paul Ryan and House Ways and Means Chairman Kevin Brady. “And they’re valued in our ideas on how to correct some of those.”
“I’m not saying we’re in support of the bill yet, but we’re in a much more intelligent place than we have been,” Howard told “Squawk Box.” “They’re completely interested in our ideas.”
Senate Republicans delayed a vote on their tax neb as some fiscal conservatives worried about the bill’s impact on the federal shortage. Senators will rework the legislation and a final vote could common knowledge Friday. The House passed its version on Nov. 16.
When asked whether lawmakers discretion make changes late in the legislative process, Howard said: “We muse on the mere strength and importance of the housing sector through the economy warranty considering it.”
“We understand the pressures that they’re under,” added Howard, a ex- National Association of Realtors legislative analyst. “But they understand that the behind time house values went down by that much, there was a popular, long-term recession. Nobody wants that.”
—CNBC’s Tucker Higgins role ined to this report.